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百 盛 商 業 集 團 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3368 & 5936)The board of directors (the 'Board') of Parkson Retail Group Limited (the 'Company') is pleased to announce the unaudited consolidated results of the Company, its subsidiaries, a joint venture and associated companies (hereinafter collectively referred to as the 'Group') for the quarter ended 30 September 2015.
The unaudited quarterly results of the Group are released in conjunction with the announcement of the quarterly results of Parkson Holdings Berhad, the holding company of the Company in Malaysia pursuant to the Bursa Malaysia Main Board Listing Requirements. This announcement is made pursuant to paragraph
13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
Total gross sales proceeds ('GSP') for Third Quarter ('3Q2015') decreased by 9.4% to RMB3,945.1 million. GSP for the First Nine Months of The Year ('9M2015') decreased by 4.9% to RMB13,602.0 million.
Same store sales ('SSS') for 9M2015 decreased by 6.3%.
Merchandise gross margin continued to be under pressure and decreased by 1.1% to 17.3% and 1.0% to 16.9% in 3Q2015 and 9M2015 respectively.
The Group incurred a loss before tax of RMB60.9 million for 3Q 2015 and RMB55.1 million for 9M2015. Such loss was mainly attributable to (i) increasingly competitive landscape of the retail sector which has led to drops in both sales and gross profit; (ii) a one-off provision made in the first quarter of 2015 in respect of the arbitral award arising from the disputes on the Beijing Metro City Shopping Plaza's Tenancy Agreement which amounted to RMB140.9 million; and (iii) cost incurred by new business ventures and new stores during their ramp up period.
Without taking into account the aforesaid one-off provision, the Group would have recorded a profit before tax of RMB85.9 million in 9M2015.
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FORRMB'000 RMB'000 RMB'000 RMB'000
Gross Sales Proceeds (inclusive of value-added tax) | 3,945,131 | 4,355,382 | 13,602,036 | 14,319,575 |
Revenues | 955,027 | 1,067,754 | 3,180,903 | 3,381,751 |
Other operating revenues | 110,827 | 111,917 | 390,596 | 358,770 |
Total operating revenues | 1,065,854 | 1,179,671 | 3,571,499 | 3,740,521 |
Operating expenses Purchases of goods and | ||||
changes in inventories | 321,761 | 334,608 | 1,053,256 | 1,044,110 |
Staff costs | 177,367 | 159,314 | 510,191 | 455,408 |
Depreciation and amortization | 114,014 | 90,822 | 318,628 | 273,721 |
Rental expenses | 271,675 | 290,255 | 968,170 | 832,973 |
Other operating expenses | 230,703 | 273,491 | 775,422 | 787,915 |
Total operating expenses | 1,115,520 | 1,148,490 | 3,625,667 | 3,394,127 |
(Loss)/profit from operations | (49,666) | 31,181 | (54,168) | 346,394 |
Finance income/(costs), net Share of profits of: A joint venture | (16,878) 5,590 | (83) 7,069 | (20,669) 19,680 | 18,104 23,315 |
An associate | 27 | 31 | 71 | 97 |
(Loss)/profit from operations before income tax | (60,927) | 38,198 | (55,086) | 387,910 |
Income tax expense | 17,197 | 15,769 | 38,886 | 104,362 |
Net (loss)/profit for the period | (78,124) | 22,429 | (93,972) | 283,548 |
Attributable to: Owners of the parent | (76,982) | 22,568 | (100,243) | 275,492 |
Non-controlling interests | (1,142) | (139) | 6,271 | 8,056 |
As at 30 September 2015 Unaudited RMB'000 | As at 31 December 2014 Audited RMB'000 | |
NON-CURRENT ASSETS Property, plant and equipment | 3,733,542 | 3,750,757 |
Investment properties | 28,349 | 25,502 |
Prepaid land lease payment | 437,764 | 447,749 |
Intangible assets | 2,183,660 | 2,162,617 |
Investment in an associate | 41,294 | 2,023 |
Investment in a joint venture | 45,832 | 26,151 |
Prepayment for purchase of land and buildings | 1,196,524 | 867,840 |
Other assets | 377,047 | 358,346 |
Deferred tax assets | 227,766 | 213,707 |
Total non-current assets | 8,271,778 | 7,854,692 |
CURRENT ASSETS Inventories | 349,596 | 340,564 |
Trade receivables | 69,641 | 85,570 |
Prepayment, deposits and other receivables | 908,011 | 773,430 |
Investment in principal guaranteed deposits | 2,104,460 | 3,532,690 |
Time deposits | 102,634 | 227,626 |
Cash and cash equivalents | 1,489,521 | 1,124,312 |
Total current assets | 5,023,863 | 6,084,192 |
CURRENT LIABILITIES Trade payables | (1,285,968) | (1,813,994) |
Customer deposits, other payables and accruals | (1,764,369) | (1,740,485) |
Interest-bearing bank loans | (692,765) | (700,077) |
Tax payable | (1,075) | (65,196) |
Total current liabilities | (3,744,177) | (4,319,752) |
NET CURRENT ASSETS | 1,279,686 | 1,764,440 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 9,551,464 | 9,619,132 |
As at 30 September 2015 RMB'000 | As at 31 December 2014 RMB'000 | |
NON-CURRENT LIABILITIES Bonds | (3,160,133) | (3,034,500) |
Interest-bearing bank loans | (71,565) | - |
Long term payables | (731,926) | (655,726) |
Deferred tax liabilities | (261,987) | (269,988) |
Total non-current liabilities | (4,225,611) | (3,960,214) |
NET ASSETS | 5,325,853 | 5,658,918 |
EQUITY Equity attributable to owners of the parent Issued capital | 56,718 | 57,862 |
Treasury shares | (15,233) | (76,148) |
Reserves | 5,215,747 | 5,577,897 |
Proposed final dividends | - | 27,341 |
5,257,232 | 5,586,952 | |
Non-controlling interests | 68,621 | 71,966 |
TOTAL EQUITY | 5,325,853 | 5,658,918 |
distributed by |